After only entering the market in January last year, Praetura, which provides alternative funding solutions to SMEs, has gained a 3-year committed revolving facility to the tune of £15m from the major high street bank.
Mike Hartley, Managing Director of Praetura Asset Finance
“This is a significant transaction for us and will provide a solid platform to accelerate our lending book to £100m,” commented Mike Hartley, Managing Director of Praetura Asset Finance.
“There is a huge appetite for our facilities as SMEs look to capitalise on a prospering economy by accessing the finance needed to help them expand.
“The £15m funding from Royal Bank of Scotland, in addition to our recent £12.5m cash injection from Praetura Capital LLP, will create further capacity for us to service new clients and continue expanding our geographical reach.”
“We are delighted to establish a relationship with Praetura through this new facility. Praetura has a very strong and experienced management team and we see great potential in this business over the medium term,” said Michael Murray, Director in the Financial Institutions team at RBS.
“The bank is very focused on supporting regional players such as Praetura, which in turn helps to deepen the funding options available to UK SMEs.”
During its first year of trading, Praetura lent a total of £25m.
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